A common myth is that payday loan consumers are mostly poor, uneducated and African American. This stereotype is often used by politicians when trying to justify “feel good” payday loan laws that end up hurting consumers.

In this Payday Loan Demographics Study, we examine the gender, age, ethnicity, household income and education of 2,228,799 unique visitors to the 18 payday loan sites listed on our Compare Lenders page. Read more ›

Government-knows-best bureaucrats would have us believe that payday lenders “prey on the poor and uneducated.” A payday loan shop employee, on the other hand, told us that most of their customers are educated, make over $30,000 a year and (ironically) work for the government.

We decided to do a demographic study of online payday loan consumers to see where the truth really lies. Read more ›

The Military Lending Act takes effect today. By capping loans at 36 percent APR, the act is a de facto ban on payday loans to members of the armed forces. What are the emergency loan options for military personnel after October 1st, 2007? Read more ›

In an attempt to protect consumers, regulatory agencies and city councils sometimes create misguided laws that end up harming the consumers they’re trying to protect.

Many times, the laws end up punishing ethical payday lenders and borrowers who use payday loans responsibly. Some of these laws will drive licensed lenders out of business and push borrowers into the arms of unregulated, illegal loan sharks. Read more ›

Payday loans are short-term, high-interest loans with significant risks. Considering payday loan alternatives and only dealing with state-licensed lenders can minimize these risks. This article lists ten things you can to do protect yourself. Read more ›

Some of our readers report being threatened and/or harassed over the phone. The Fair Debt Collection Practices Act (FDCPA) protects consumers from unethical collection practices by debt collectors but it doesn’t apply to payday lenders because they don’t meet the definition of “debt collector” under federal law.

If a lender threatens or harasses you by phone, there are still things you can do to protect yourself and others. Read more ›

Due to the popularity of our article Sixteen Differences Between Payday Lenders and Loan Sharks, we decided to compare payday lenders and credit card companies. Read more ›

Payday loans are an expensive form of credit. Expressed in terms of APR, legal payday loans are even more expensive than illegal loan sharks. They can also expose you to identity theft and fraud.

Payday loans should only be used as a last resort after you’ve considered the following payday loan alternatives. Read more ›

Payday loans are short-term, high-interest loans with numerous pitfalls and traps. These include financial, legal and personal information risks. Please consider the following ten pitfalls before approaching an online payday lender. Read more ›

Ever since John C. Bersia coined the term “legal loan shark” in his Pulitzer Prize winning editorial entitled Fleeced in Florida, media sources and consumer advocates have referred to payday lenders as loan sharks. Is this comparison fair to payday lenders? Is it fair to loan sharks? This table lists sixteen differences between payday lenders and loan sharks. Read more ›